There are a few items we wanted to remind you about as we wrap up the end of the year and look towards 2014. In no particular order they are:
1. Don’t forget that Minnesota has a gift tax! This gift tax applies to anything given over $1 million in a person’s lifetime (excluding gifts to charities or payments made directly to a medical or educational institution). The tax rate is 10%.
2. The federal (and Minnesota) annual gift exemption limit will remain at $14,000.00 per person for 2014.
3. The federal estate tax exemption limit will increase to $5.34 million.
4. The Minnesota estate tax exemption limit will remain at $1 million for 2014.
5. Don’t forget about the change in the MN Department of Revenue’s view of certain pass-through entities. It is advisable to consult with an attorney when considering establishing an entity for estate planning purposes.
6. Beginning on January 1, 2014, there is a new MN Statutory Short Form Power of Attorney. For a summary of the changes, click here.
7. For those filing estate administration forms with the court, more counties are accepting electronic filings. Here are some helpful hints to get your through the process: Minnesota eFiling How To Survive.
8. Don’t forget about your business. Be sure to have a plan in place for transitioning from, or passing along, your company.
9. Perform any necessary annual valuations or appraisals.
10. Review your estate plan! Checking your beneficiary designations, creating a plan for your digital assets and organizing your estate will help make the administration of your estate easier for your personal representative.
